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Income Tax Exemption under Section 10(15)(iid) of Income Tax Act, 1961


Eligible Assessee

Individual non-resident Indian


Nature of Income

Interest on notified Bonds




Amount Exempt

Entire amount


Conditions laid down for Tax Exemption

  1. Person receiving such bonds as nominee, or survivor or gift from such NRI is also entitled to benefit under this clause.

  2. The NRI should invest in the bond in Foreign exchange and on maturity the amount shall not be entitled to be repatriated

  3. Benefit would not be withdrawn if the NRI becomes resident of India.

  4. Where the bond is encashed before maturity exemption would not be allowed for said previous year Govt. shall not notify any such bonds after 1-6-2002.

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